AUD/USD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is trending downwards against many of its counterparts, including the US Dollar. Given the current conditions, AUD/USD is in a good position to pierce through the 2007 low at 0.77 and descend to the lower boundary of the bearish channel at 0.74, even though the technical indicators are mixed.
At the same time, 0.7927, where the monthly pivot point merges with the falling trend-line, should act as a ceiling. However, if this resistance fails to contain the bulls, the price will have a chance to re-visit January's peak at 0.83, while another major supply zone is near 0.87, where the monthly R3 coincides with the 200-day SMA.
© Dukascopy Bank SA
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